Tax Evasion Lawyers in Monticello
In Kentucky "tax evasion" is the crime of failing to pay the taxes that they owe.
Normally, the strategy employed by tax evaders in Monticello, Kentucky is to try and make it look like they have less taxable income than they actually do. This can be done by failing to report income, concealing it, or fraudulently transferring property.
It's important not to confuse "tax avoidance" and "tax evasion." They are two different things, but some people mistakenly use them interchangeably. Tax avoidance involves using legal methods, such as tax deductions and exemptions, in a strategic manner, for the purpose of reducing one's tax liability. Tax avoidance is perfectly legal. Tax evasion involves fraud, and a deliberate attempt to avoid meeting one's legal obligations to pay taxes.
Penalties for Tax Evasion in Monticello, Kentucky
Under federal and state law, including the laws of Kentucky, tax evasion is a very severe crime.
In Monticello, tax evasion can result in anything from a relatively small fine, and a court order to pay any back taxes as well as interest, all the way up to financial penalties in the hundreds of thousands of dollars, as well as jail time.
Most often, tax evasion - if it's a first offense and the tax liability is small - will not be cause for huge fines or imprisonment. This is especially true if the prosecution can't definitively prove that that the defendant's failure to pay taxes was purposeful, as opposed to an honest mistake.
But if the government is able to definitively establish that a defendant in Monticello, Kentucky intentionally engaged in fraud to get out of paying taxes, a tax court is highly unlikely to show any leniency, and may well sentence the defendant to prison time.
A Monticello, Kentucky Tax Evasion Lawyer Can Help
A tax attorney in Monticello, Kentucky can ensure that you meet your tax liabilities, which will make an audit, or charge of tax evasion, less likely. Sometimes, it's difficult to determine precisely what one's tax liability is, and a tax attorney can help.
Of course, if you've truly been accused of tax evasion, you should hire a Monticello, Kentucky tax lawyer immediately. If you are innocent, a tax attorney will make sure you have the best chance possible at being acquitted.